Forex thread, keep it technical. Noobs observe. OP operates

File: EURGBP 6-20-16 7-31AM.jpg (102KB, 1142x422px) Image search: [Google]

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This next chart is the EURGBP chosen because the Brexit is a hot topic.

The latest downtrend coupled with the momentum indicator have illustrated mixed signals which may reduce the effectiveness of the included downward trend line and may plausibly reduce the strength of the current downtrend as well.

The horizontal line represents a range of significant repeated pivots and may translate to support which may lead to the establishment of a new uptrend.

Finally; the previous uptrend showed a stronger trend correlation compared to the latest downtrend inspiring me to speculate it will reverse in the short-term and establish a new trend towards resistance at 0.81. OP expresses a lack of confidence in his bias towards a reversal in the short-term versus a continuation of the downtrend.

File: GBP.png (36KB, 800x600px) Image search: [Google]

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>>1322659
Your trendlines bother me.

I trade equities only but I must say with the FTSE up 3.2% today, equities moving well and this bullish descending channel in the EURGBP pair, it's as if the markets are already discounting a favourable Brexit outcome, ie, stay.

>>1322614
>>1322659

Had a few classes in forex, and dabbled in it for a while, but really all I'm doing is reading the news, forming and opinion and acting on it, and staring at the purchase waiting for it to become profitable before I sell it.

I've been lucky and made a couple hundred dollars, but I feel like there must be more to learn. This can't be the entirety of 'forex trading', is it?

(I'm not a beginner in the trading, I know about stops and such.) However, I do feel like what I'm doing is very elementary.

Is there more to forex trading, or is it just you becoming more seasoned and well-versed in the same concepts as you go along?

Please feel free to comment in any fashion. Just because the points are technical doesn't mean the language has to be.

OP suggests posting favorite pairs, latest speculations, recent failures or successes.

>>1322671
This chart is nice because the price grid is based on round numbers.
>this bullish descending channel in the EURGBP pair
This is a helpful corroboration adding to sentiments that the latest downtrend may reverse in the short-term. OP suggests current prices may be suitable for a profitable entry.

On the note of equities; for day-traders forex is inferior. The plethora of indices offers greater opportunity on the intra-day scale.

>>1322715
>However, I do feel like what I'm doing is very elementary.
It's an elementary system so an effective method of operation can be elementary as well as complex.

>Is there more to forex trading, or is it just you becoming more seasoned and well-versed in the same concepts as you go along?
Gaining patience and discretion is more important then developing strategies and tactics.

>>1322753
Interesting. Would you care to explain your decision-making processes, from the initial impression-forming to position-closing?

Here are a few specific questions that may prove to be most helpful:

>What are the biggest influences on your decision to take a particular position?
>How do you decide how much to put into each trade?
>Do you have a particular system to determine when you cut your losses/gather your profits? i.e. When do you decide to close your position?

Also, a few other more... personal, questions, if you don't mind too much.

>How did you get started trading? How much capital did you start with?
>What was a particularly memorable trade you made?
>How profitable has forex trading been for you? Is it your formal job, or is it something you do on the side?

I do apologize for the many questions. Of course, the emphasis is on HOW you trade (i.e. the first part of the questions), not WHY you trade (the latter part), but I think these can help shed some light on who you are, and your forex experience.

I started with babypips.com, after that I moved on to a demo account where I traded EUR/USD profitably for 2 months. I've opened a live account with $250 and traded profitably for 2 weeks on it so far(emotions run a lot higher though)

Anyway, I feel pretty in control of myself emotional and discipline-wise, but I can't feel but help my system is lacking.

I trade during the london session, I only put on one trade per day and set a low take profit(5 pips) and no stop loss(I don't mind waiting for the market to come back around, it'll take over 2000 pips to get margin called).

I'm just wondering is this system viable long term? I trade EUR/USD with technicals, I use EMA, MACD and bollinger to decide when to enter and probably hit my low take profit around 80% of trades.

I guess I'm eventually just scared of a trade eventually going so low and getting margin called, what's the lowest you've ever had a trade go?

File: Oh my god my symbol is on the GBP.jpg (199KB, 600x320px) Image search: [Google]

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>>1322789
>Would you care to explain your decision-making processes, from the initial impression-forming to position-closing?
A primary tactic is to look for inspiration pertaining to the next likely key point in a chart. Equivocally setting a take profit limit before setting a buy or sell limit. Success is determined by effectiveness at predicting the future or making the market. Terminating a position often depends on margin requirements and general mood. This applies to the first green texted question as well.

>How do you decide how much to put into each trade?
A gradual calibration following an initial allotment for catastrophic downside risk.

>Do you have a particular system to determine when you cut your losses/gather your profits? i.e. When do you decide to close your position?
As mentioned before this depends on margin requirements and mood, as well as locality to the take profit limit.

>How did you get started trading? How much capital did you start with?
>What was a particularly memorable trade you made?
I'll concede my protocol antics for a sentence and indulge you. One time I opened an account with $200 to short the Euro in December 2014 but I blew it up because I was impatient and I've only been practicing because it's pointless for me to invest real money because I'm inheriting a ridiculously unbelievable sum of money and assets after I "pop out" in the near future.

>>1322800
>I'm just wondering is this system viable long term?
It's easier to reliably operate a hedge than a single position. There's more risk when a single position dominates margin.

>>1322800
Your risk reward is non sensical. You will blow your account in due time with that strategy.

I suggest you get rid of your indicators. Put a 100 and 200 sma, with trendlines, support resistance levels, and fibo retracements. These tools give you clearly defined areas where each side is either bullish or bearish and markets respect them. With them you can clearly define your risk ie in a downtrend channel sell when price reaches the top trendline with a say a 20 pip stop above that line. If the market fails to break that trendline than that clearly tells you the market is still in a downtrend and you should hold your sell position until it's invalidated. Should the market break the upper trendline than it signals the downtrend is being invalidated and you need to close your sell position.

The trend is your friend. Retail traders are notorious for going against the trend, selling becuase rsi is telling them it's overbought only for the price to continue to go up, and it's why their failure rate is >70%.

File: GBPJPY 6-20-16 11-04.jpg (95KB, 1141x425px) Image search: [Google]

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The GBPJPY is an interesting pair because Japenese central bank policy would naturally precede a devaluation in the Yen. Meanwhile the GBPJPY has been bearish for over a year to date despite it offering a positive swap rate long.

The downward trend line on the attached chart illustrates a great GBPJPY opportunity for longs with a long-term outlook, especially applicable if the BOE begins to raise rates.

The horizontal line represents substantial resistance which naturally doubles as a good take profit limit.

OP suggests with a high degree of confidence that a strategy of graduated averaging down with a take profit limit set below the horizontal line would be a sufficient way to generate profit with relatively low risk.

>>1322980
High five. With regards the strategy OP implements doesn't utilize a stop loss.

>>1322614
Stop writing in third person you weird faggot

>>1323356
OP suggests with a high degree of confidence that the reason OP refers to itself in the third person is because OP is a complete faggot